New York lost an eye-popping $24.5 billion in state-adjusted gross income in 2021 as residents fled to New Jersey, Florida and other low-tax states, according to newly released Internal Revenue Service data.

The IRS data, based on income tax returns filed in 2020 and 2021, shows the Empire State lost more than 261,785 residents in a 12-month span ending last July, driven by “domestic out-migration” of people moving to other states. The data shows the state lost an estimated $45 billion in taxable income during those two years.

New Jersey and Florida were the biggest beneficiaries of New York’s transplants. More than 85,650 people moved from New York to Florida, taking $10 billion. By contrast, only 25,813 Florida residents moved to New York, bringing $1.1 billion in income.

New York wasn’t the only blue state to see an exodus of taxpayers and income during the COVID-19 pandemic, accelerating income flight from high-tax to low-tax states.

California saw the most significant amount of outward migration in 2021, with at least 32,000 taxpayers taking an estimated $29 billion to Texas, Arizona and other states, according to the report. That comes on top of $18 billion in revenue loss in the previous year, the IRS said.

Florida, which doesn’t have a state income tax, gained $39.2 billion in income in 2021 – an increase compared to its gain of $23.7 billion in 2020 and $17.7 billion in 2019, according to IRS data.

Texas saw net inflows of $10.9 billion in adjusted gross income in 2021, the IRS data shows, gaining $6.3 billion in 2020 and $4 billion in 2019.

Wirepoints, an independent research firm, says chronic outflows of taxpayers and income in New York and other high-tax states is that “one year’s losses don’t only affect the tax base the year they leave, but they also hurt all subsequent years.”

New York lost the ability to tax a cumulative $1.1 trillion in adjusted gross income due to net out-migration from 2000 to 2020, according to the research group. In 2020 alone, the state would have collected nearly $144 billion in AGI to tax had it not been for the yearly migration losses.

“The losses pile up on top of each other, year after year,” Wirepoints noted in a report on the newly released IRS data. “And when a state loses income to other states for 21 straight years, the numbers add up.”

To be sure, the exact loss of the state’s tax coffers is difficult to gauge because New Yorkers are taxed at variable rates depending on their income. New York City’s top earners are taxed at 14.776%, which includes the state’s 10.9% rate and the city’s 3.876% rate — the highest top-tier tax rate in the nation.

New York was ranked dead last in the nation among 50 states in the Tax Foundation’s 2023 State Business Tax Climate Index, released on Tuesday, which showed the average resident pays $2,273 a year in state and local taxes.

Some Democratic lawmakers in Albany have pushed to increase taxes even higher, with proposals for a new surtax on New York’s earners making above $5 million a year.

Despite that, the $229 billion budget approved Tuesday and Wednesday by the state Legislature doesn’t include a wealth tax or wholesale increases to the state’s personal income tax rates.